Nexus acquires specialist broker Credit Risk Solutions
Independent specialty managing general agent (MGA) Nexus Group said in a statement that it has acquired specialist trade credit broker Credit Risk Solutions (CRS).
Established in 2003, CRS operates from offices in Halifax, Manchester and Birmingham. CRS will continue to be led by its founding shareholders Mike Clark, Hayden Tennant and Lisa Humphries. The company will remain an open market broker, independent of the underwriting operations of the Nexus Group. The deal will allow CRS to accelerate its growth via the acquisition of strategic targets in the regional broking market, according to the statement.
Post-acquisition, Sue Morley will join the CRS board as a non-executive director. Morley recently retired from her role as client services director of Nexus CIFS, and has extensive experience in the trade credit broking world having previously been branch director of the London office during her 10 years at Aon trade credit.
Colin Thompson, founder and executive chairman of Nexus, said: “CRS is a very professionally run business that has been on a steep growth trajectory in recent years. We are excited to work with Mike, Hayden, Lisa and the whole CRS team to continue this success story in a market where we have a lot of expertise, and accelerate this growth via a buy and build strategy of regional Trade Credit brokers as well as add a UK regional footprint to our existing UK and international infrastructure.
“In Nexus EBA, the group already has a Lloyd’s broker and this acquisition strengthens its broking offering and the diversified range of market leading proprietary products on offer. This is the fourth acquisition Nexus has completed during a busy and transformational year. Following this acquisition, in 2017 the Nexus Group is now on track to deliver an actual EBITDA in excess of £10 million, and a pro-forma EBITDA in excess of £14 million.”
Mike Clark co-founder of CRS, added: “This is an exciting opportunity for the CRS team. Nexus has identified credit insurance as a product area with considerable potential. We share that vision and, with their support and investment, are absolutely committed to growing this market.”
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Other stories from Friday's newsletter
$1.9bn nat cat hit drives Chubb into Q3 loss
EC initiates investigation proceedings against Willis, other brokers
Validus reports combined ratio of 201% for Q3, loss of $250m
Beazley taps XL Catlin and Zurich execs for specialist lines
California wildfire insured losses at up to $3bn
QBE appoints interim CEO for Australian and New Zealand operations
Lloyd’s gives ‘in principle’ approval to Barbican sponsored Toa Re SPA
RGA reports ‘exceptionally good’ Q3: CEO Anna Manning
Talanx large losses exceed 2017 budget after 9 months, expects Q3 loss
JLT takes part in aviation insurance investigation
Markel estimates California wildfire losses at up to $80m
